Point72 Plans New Equity Unit as Assets Soar to $42 Billion

Point72 Asset Management is creating a new equities unit, joining other mega-multistrategy hedge funds that operate several stock-picking businesses.

Steve Cohen’s firm has “meaningfully increased both team count and capital allocation in our fundamental equities strategy,” the billionaire founder wrote in a note to employees seen by Bloomberg. As of Jan. 1, the firm will organize its equities teams into two business units, Point72 Equities and the new unit, called Valist Asset Management, the note said.